HSBC lays off ME bankers; energy head leaves

Dubai, November 22, 2011

HSBC Holdings laid off several investment bankers in the Middle East earlier this month, including the head of its regional energy group, as part of a wider round of global jobs cuts, two sources said on Tuesday.

Darren Davis, HSBC's head of resources and energy group for Mena, along with a group of bankers from the global banking business have left the bank, according to one of the sources. A second source confirmed Davis' departure.

An HSBC spokesman declined to comment.

Europe's biggest bank said in August it will axe 30,000 jobs globally by the end of 2013 under a revamp by chief executive Stuart Gulliver to cut annual costs by $3.5 billion (2.1 billion pound).

In April, HSBC said it would cut its Middle East workforce of over 12,000 by 3 per cent. Banks are shedding jobs worldwide as stricter regulations and a tough six months for trading income take their toll on investment banking units.

The layoff plans bring staff cuts announced this year or reported to be in the works at major banks to 109,000.-Reuters